Loss Prevention

Countering Retail Theft Without Sacrificing Customer Experience
February 19, 2024 at 12:02 pm

A concerning trend has emerged in the evolving retail landscape over the past few years: the spike in retail theft. As examples, Los Angeles and Dallas experienced staggering increases of 109 percent and 73 percent, respectively, in shoplifting incidents from H1 2022 to H2 2023. As the problem intensifies, communities are left grappling with the…

Target is Reducing Self-Checkout Hours in Some Stores
February 15, 2024 at 3:47 pm

Target has slashed the hours of operation for self-checkout lanes at some of its stores. Not all store locations have had self-checkout hours cut, but the retailer is considering store staffing levels and sales volumes in its decision. Workers told Business Insider that Target is trying to keep the percentage of overall store sales via…

10 Solutions for Combatting Retail Theft
January 8, 2024 at 1:28 pm

Major retailers reported record levels of retail theft in 2023, and it seems that the problem is only worsening by the day. According to a 2023 National Retail Security Survey, retail losses swelled to $112.1 billion in 2022, up a staggering 19 percent from $93.9 billion the year prior. Popular retail chains like Target, Kohl’s,…

4 Steps Retailers Can Take to Reduce Organized Retail Crime
November 21, 2023 at 9:56 am

Organized retail crime (ORC) is rising as store employees face more aggressive and violent perpetrators than ever before. The National Retail Federation reports that the average shrink rate increased to 1.6 percent in 2022, representing $112.1 billion in losses, nearly $20 billion more than in 2021. Even more troubling, nearly half of retailers say that…

AI-Driven Security Can Both Mitigate Retail Theft and Improve Business Operations
October 25, 2023 at 1:23 pm

According to the National Retail Federation (NRF), retail crime led to over $112 billion in losses in 2022, up from $93.9 billion in 2021. The NRF also reported that the average shrink rate for retailers increased from 1.4 percent to 1.6 percent over that span, with organized retail crime (ORC) cited as one of the…

Gearing Up for a Great Holiday Season
October 4, 2023 at 10:57 am

As the thermometer drops and the holiday season draws closer, that signals the beginning of a slew of opportunities for retailers in the coming months. However, despite the promise of the holiday shopping rush to help retailers’ bottom lines and set businesses on course for a successful new year, it's imperative for them to consider…

Safeguarding Brand Integrity and Trust Amid Counterfeit Concerns
September 20, 2023 at 8:49 am

Counterfeiting is a pressing concern for businesses globally, transcending all sectors and demographics. It affects the brick-and-mortar, catalog, and e-commerce sectors and undermines customer retention, service, management, merchandising, mobile, and omnichannel integration. It encompasses everything from fake consumer goods to fraudulent copies of digital products. This rising tide of counterfeiting is fueled by an intricate…

Design to Reduce Shrinkage, Not Sales
August 30, 2023 at 7:24 pm

Since great store design starts with customer experience, I’ll start there. I went into a popular electronics store for an Apple Watch. There were only two to see. Both were tethered to a “wrist loop” so you could “try them on” by slipping your wrist through the plastic loop that held the watch. So, I…

Data and Deterrents: A Holistic Approach to Retail’s Loss Prevention Problem
July 27, 2023 at 10:54 am

Over the past few years, the importance of bringing loss prevention into the digital age has become increasingly crucial. The British Retail Consortium’s (BRC) 2023 Crime Survey found that the total financial cost of retail crime to UK businesses in 2022 was £1.04 billion, with an average of 867 incidents reported every day. Despite ongoing…

Protecting Your Business: Effective Strategies to Prevent Shoplifting
July 12, 2023 at 12:37 pm

Shoplifting continues to be a growing concern for businesses all across the globe. According to the Office for National Statistics (ONS), shoplifting incidents increased by a staggering 21 percent in the 12 months leading up to March 2022. Today, we’ll explore some of the key reasons why shoplifting frequency is on the rise, as well as exploring…